As the world witnessed a sudden surge in the popularity of gaming online after the advent of the Internet, the phenomenon has parallelly given rise to gaming disorder among the population.
The situation has such drastic ill effects that there is no way one can turn a blind eye to it. The online gaming industry worldwide is supposed to have a turnover of 72.02 billion dollars in the year 2021.
Due to the restrictions imposed in the modes of entertainment due to the impact of Covid 19, the market is expected to reach a whopping growing revenue of $112.09 Billion by the time it is 2025. Currently, more than 5 million people are facing gaming-related issues just within the boundaries of the UK.
Major institutions related to online gaming like the licensing authorities are fixated upon making policies that are aimed to improve the experience of gamers as well as revise the ethics and after-effects of the activity itself.
iGaming Licensing Authorities
Holding a valid iGaming license is absolutely indispensable for gaming operators. This not only ensures customers of its legitimacy but also the reputation of the operator is upheld in the process. There are different online gaming authorities scattered all over the globe.
We, in this article, are about to dive deep into the most popular names successful in associating themselves with the best services in the industry. It is suggested to the players to always look for certifications and licenses in order to make sure their gaming experience is secured and one can get back to the customer service for any further complaints regarding their gameplay.
Although Curacao eGaming lacks a rigid infrastructure, when it comes to licensing factors and regulatory measures, Curacao eGaming is still one of the sought-after gaming licenses. This is because of its pure business potential as it is available easily and to any aspiring gaming operator.
Their imposed taxes are extremely low and almost negligible and hence, substantially favorable for entrepreneurs. A wide variety of licenses is available for operators to choose from covering not only gaming but sportsbook activities.
Gibraltar Gaming Commissioner
The Gibraltar Regulatory Authority looks over the entire regular as well as online gaming industry based in Gibraltar. As an offshore licensing authority it is a controller to a huge number of gaming authorities. This licensing authority is only gaining popularity with time.
Their games are promoted as the ones that are best regulated as well as the reputation upholding in terms of fairness of the gameplay. They are quite user-friendly and are always present to assist the customers.
Kahnawake Gaming Commission
This is one of the most primitive gaming licensing authorities in the world. Kahnawake Gaming Commission successfully upholds its reputation by keeping user experience as one of its priorities. The servers are all based in Kahnawake and hence easier for them to maintain.
Nevada Gaming Commission
Nevada Gaming Commission emerged as the foremost UK State Gaming licensing authority. This happened right after the legalization of online gaming in the UK and the Gaming Commission held a prominent name in patronizing online gaming within the jurisdictions of the United States.
Nevada Gaming Commission offers fully regulated services to the operators, but also the operators are now capable of issuing online gaming licenses.
The Isle of Man Gaming Supervision Commission
If an operator lives up to the expectations and prerequisites of the supervision Commission, it is easy to obtain a fully functioning license for online gaming.
Not only limited to that, but a bunch of companies based in the Isle of Man is also the best game designers and software developers from around the world making Isle of Man one of the most well-rounded gaming authorities. They have known for their strict measures as well as their trustworthy services towards the customers.
United Kingdom Gaming Commission
The United Kingdom Gaming Commission is a public body under the UK government entrusted with the responsibility to look after the smooth functioning of gaming laws imposed within Great Britain. The Commission regulates the functioning of all the operators registered under it, as well as grants operational licenses to the aspiring operators.
The United Kingdom Gaming Commission is among the crème de la crème when it comes to functioning and customer protection. It is also necessary to mention that the UK is among the most profit-fetching regions when it comes to the returns from the gaming industry.
Investment of United Kingdom Gaming Commission into their Self Exclusion Model
For the competition of staying the most relevant in the game, the United Kingdom Gaming Commission included tactics like the free self-exclusion policy for UK users. Despite the fact that there are a lot of flaws and recently experts found brands not on GamStop, it is still one of the most used tools to quit gaming.
GamStop is an independently operating self-exclusion scheme curated by the RGA to serve the affected customers. However, this service is only applicable for UK punters as it can only be effective on the operators registered under the UKGC. Upon a single request, a user can get these services for free.
They usually vary from 6 months up to 5 years. The prohibition is only rebuked when the span of exclusion expires. The step taken by the UK government to invest in this Scheme has been a major success.
Anti Money Laundering Policy of the UKGC
Parallelly with delivering safe gaming policies, UKGC in the year 2016 published a set of rules regarding criminal activities of the licensing bodies for maintaining standard and code of practices banning anti-money laundering. This step was taken to prevent terrorist financing.
The Importance of Self Exclusion Policy
The annual revenue collected by the gaming industry is important for the government as it fetches enough profit to look after other areas administered by the government. But the annual turnover is not enough if the population is suffering from major losses.
So in order to successfully carry out the gaming business, safeguarding the customers that are the citizens, is absolutely essential.
Nowadays it has been institutionalized, a policy dedicated towards responsible gaming which monitors all the activities of players is actively involved. As a part of this policy, every operator registered under the UKGC has to abide by the rules that safeguard customers by prioritizing their welfare.
This includes frequent monitoring of the services provided by the licensed gaming operators to make sure they are complying with the terms and conditions. This enforcement of law also includes the field of research as well as the smooth functioning of self-exclusion schemes.
Furthermore, partnerships with various top-notch industries and other regulators ensure that standards of safer gaming practices are being maintained.
The specific investments by the iGaming licensing authorities decide its fate and position among the authorities around the globe. The calculated steps taken by the UKGC are an exemplary embodiment of successful performance.